Can I use my SoFi Checking and Savings account for bill payments?

Yes, you can pay bills directly through online bill pay from your SoFi® account, making it easy to manage your expenses all in one place.

Is there a limit on how much I can withdraw from my SoFi Checking and Savings account?

Yes, SoFi® limits ATM withdrawals to $1,000 per day and debit card purchases to $6,000 per day. These limits help ensure security.

How long does it take for deposits to clear in my SoFi® account?

Deposited funds are typically available within one to five business days, depending on the type of deposit and when it's processed.

SoFi® Bank Review: High-Yield Checking and Savings Combo

What's better than a solid high-yield savings account? One that comes with a top-tier checking account, too. The SoFi Checking and Savings combo (Member FDIC) is so good, it landed on both our Best High-Yield Savings and Best Checking Accounts lists this year.

With a standout savings APY, seamless cash access, and a full suite of financial products, SoFi® makes it easy to keep everything in one place. If you're comfortable with an online-only bank and can meet the direct deposit requirements, this might be one of the best deals out there. Let's dive in and see if it's the right fit for you.

Ratings Methodology

Rates as of Mar 21, 2025

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rating image, 4.50 out of 5 stars.

4.50/5

Rating image, 4.50 out of 5 stars.

4.50/5

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Offer Alert

New customers can earn up to a $300 bonus with qualifying direct deposits!¹

APY

up to 3.80%²

Min. To Earn APY

$0

Pros/Cons

Competitive APY on both Savings and Checking
No account fees³
Welcome bonus up to $300 (direct deposit required)¹
Early access to direct deposits⁶
Tools to help you track savings goals
Unlimited number of external transfers (up to daily transaction limits)
ATM access⁵
FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)⁴

Combo account only; no stand-alone savings or checking
Maximum Savings APY requires direct deposit
Overdraft protection⁷ requires monthly direct deposit minimum
No branch access; online only

Bottom Line

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300¹ and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.

You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.

Our Rating

Our ratings are determined by an editorially independent Ratings team. Here's more information about how we scored this product:

APY (50%)

Rating image, 5.00 out of 5 stars.

5.00/5

Brand & Reputation (20%)

Brand (20%)

Rating image, 5.00 out of 5 stars.

5.00/5

Account Features (15%)

Features (15%)

Rating image, 4.00 out of 5 stars.

4.00/5

Fees (15%)

Rating image, 4.00 out of 5 stars.

4.00/5

Disclosure

SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

How we rate high-yield savings accounts

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

APY: 50%
Brand and reputation: 20%
Fees and minimums: 15%
Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

How we rate high-yield savings accounts

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

APY: 50%
Brand and reputation: 20%
Fees and minimums: 15%
Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

What I like about the SoFi Checking and Savings account

High APY on both accounts

SoFi®'s APY of up to 3.80%² on savings is on par with top banks like American Express and Capital One. But what really sets SoFi® apart? Its checking account also earns interest -- 0.50% APY, which is almost unheard of at banks offering similar savings rates.

Welcome offer

Who doesn't love free money? SoFi® sweetens the deal with a $300 cash bonus for new customers who set up a direct deposit of $5,000 or more within 25 days.¹ Even if you deposit between $1,000 and $4,999, you'll still pocket $50. (Terms apply.)

No account fees or minimum balance

SoFi® keeps it simple -- no monthly fees, no overdraft fees, no ATM fees.³ Unlike some competitors that nickel-and-dime you, SoFi® lets you keep every cent you earn. Plus, there's no minimum balance -- you can open an account and begin saving with just $1.

However, to unlock the full APY, you'll need to meet certain requirements. Otherwise, you'll earn just 1.00% APY -- so it's really only worth it if you can qualify for the top rate.

Early access to direct deposits

Need your paycheck faster? With SoFi®, you can get your direct deposit up to two days early -- a rare perk that gives you quicker access to your money.⁶ Just keep in mind that timing depends on your employer's payroll processing.

We want to know what you think about SoFi Checking and Savings

Do you have first-hand knowledge of SoFi Checking and Savings? Share your thoughts with us and your fellow Motley Fool Money readers.

Write a Review

Recent reviews

SoFi Checking and Savings

3.5

Rating image, 3.5 out of 5 stars.

3.5/5

• 4 reviews

Featured Reviews

Rating image, 4.0 out of 5 stars.

4.0/5

Julie, a Motley Fool employee

Feb. 12, 2025

Quick transfers, competitive rates and responsive customer service. Joined SoFi a little over a year ago to open a checking and high-yield savings account, and have found my interactions with their app and the bank themselves to be great.

Rating image, 3.0 out of 5 stars.

3.0/5

Katie, a Motley Fool employee

Feb. 6, 2025

I've been using the SoFi checking account for the past six months as a joint account with my partner. It's a free checking account with no/reimbursed ATM fees so that is the primary reason we chose this account over competitors. Once your external accounts are set up it's a very simple process to transfer money. However, the app has a lot going on. With tabs for banking, credit car, investing, and loans, it can be confusing when you're just using one of those services with SoFi.

Rating image, 3.0 out of 5 stars.

3.0/5

Charlee, a Motley Fool employee

Feb. 6, 2025

The banking itself has been fine and the customer support has be helpful. We got a credit when creating a joint account after our wedding for depositing a certain amount. But the website itself is not great. It can be a bit confusing. Not all features are available on the website, they want you to use the app. I prefer to do most banking activities on a desktop. But I get to see my credit card and savings account all in once place. Linking to my personal accounts and transferring money around is very easy and convenient. There are restrictions to wiring money which we did not know until we opened the account and have been a bit frustrating. Overall we will be keeping the account, but it's just fine.

Rating image, 4.0 out of 5 stars.

4.0/5

Liz, a Motley Fool employee

Feb. 21, 2024

I was interested in an online bank since I'd seen that a lot of them offered higher APYs than traditional banks. We chose to go with SoFi® because it offered some of the highest rates and had good reviews. Overall, it has been a good fit for us. Transfers are seamless, and the app is easy to navigate and keep track of activity with. My only complaint so far has been that the first time I tried to deposit a check (an insurance reimbursement), it temporarily locked our account due to not recognizing the check issuer, and the process of getting it unlocked with customer service was frustrating. Since then I have had no issues.

Consumer reviews posted on The Motley Fool Money are the independent opinions of the reviewers, and not The Motley Fool Money. We do not endorse any of the opinions expressed, and do not guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length or clarity.

Downsides you should consider

Monthly direct deposit requirements

To earn the full APY of up to 3.80%², you'll need to:

Set up direct deposit (no minimum amount), or
Deposit a total of at least $5,000 into your account every 30 days.

If you don't meet one of these, your rate drops to 1.00% APY, which isn't competitive with the best high-yield savings accounts. That said, setting up any direct deposit is the simplest way to qualify, which should be manageable for most people.

No branch access

SoFi® is entirely online, meaning there are no physical branches. If you prefer in-person banking, this could be a drawback. You'll need to be comfortable handling everything -- customer support included -- through SoFi®'s app, website, or phone.

Cash deposit fee

If you need to deposit cash, be prepared to pay a fee. Since SoFi® has no physical branches, you'll have to use GreenDot retail locations -- found in places like Walgreens, Safeway, and Walmart -- which charge up to $4.95 per deposit. While it's not a huge cost, having to pay just to add money to your account isn't ideal, especially if you deal with cash often.

Customer service

Since SoFi® is an online-only institution, good remote support is essential. With SoFi®, you can get help through 24/7 live chat (when logged in), or call the Checking and Savings support line at 855-456-7634 during these hours:

Monday – Thursday: 5 a.m. – 7 p.m. PT
Friday – Sunday: 5 a.m. – 5 p.m. PT

SoFi® is also active on Twitter (@SoFiSupport) if you prefer reaching out there. While there's no in-person service, these options make it easy to get assistance when you need it.

Accessing your money

Accessibility is key with an online-only account -- you want to know you can get to your funds when you need them. SoFi® makes it easy, offering several ways to access or move money, most of which come with no fees.

You can deposit funds via electronic transfers, direct deposit, mobile check deposit, or cash deposits at participating GreenDot retail locations. Transfers between your SoFi Checking and Savings accounts are seamless and free, with deposits generally available within one to five business days.

For withdrawals, you can use electronic transfers, physical checks (free upon request), peer-to-peer transfers, or online bill pay. ATM withdrawals at Allpoint ATMs are fee free, though you may face a fee at out-of-network ATMs depending on the operator.⁵ There are daily withdrawal limits of $1,000 for ATMs and $6,000 for debit card purchases.

Security and reliability

When it comes to online banking, nothing matters more than knowing your money is safe and accessible. Without the reassurance of in-person branches, you need to trust that your bank has your back -- and SoFi® delivers.

Not only is your cash FDIC insured up to $250,000, but SoFi® goes above and beyond with its Insured Deposit Program, protecting balances up to $3 million when you opt in.⁴ That level of coverage is almost unheard of in the banking world, reinforcing SoFi®'s commitment to top-tier security and peace of mind.

Keep reading: Are Online Banks Safe?

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account	APY	Promotion	Next Steps
Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	3.70% Rate info Min. to earn: $0	N/A	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Open Account for CIT Platinum Savings On CIT's Secure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	4.10% APY for balances of $5,000 or more Rate info Min. to earn: $100 to open account, $5,000+ for max APY	Earn a bonus of at least $225 after a one-time deposit of $25,000+.	Open Account for CIT Platinum Savings On CIT's Secure Website.
Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	3.70% Rate info Min. to earn: $0	N/A	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.

Who will benefit from the SoFi Checking and Savings account?

The SoFi Checking and Savings account is a great choice for people who are comfortable with online-only banking and want to make their money work harder. Here's who will get the most out of it:

Direct deposit fans: If you can set up direct deposit (even for a small amount), you'll qualify for the full APY (up to 3.80%²) on your savings, which is hard to beat.
Anyone looking for fee-free banking: With no monthly fees, no minimum balance,³ and free ATM withdrawals at Allpoint ATMs,⁵ it's great for those who want to avoid the usual banking charges.
People who prefer an all-in-one solution: If you're looking for both a high-interest savings account and a solid checking option in one place, SoFi®'s combo has you covered.
People who like their money on-demand: With features like free transfers, mobile check deposit, and early access to direct deposits,⁶ you can access your funds whenever you need them.

Ready to make your money work for you? Apply for the SoFi Checking and Savings account today and start taking control of your finances.

Review sources

FAQs

Yes, you can pay bills directly through online bill pay from your SoFi® account, making it easy to manage your expenses all in one place.
Yes, SoFi® limits ATM withdrawals to $1,000 per day and debit card purchases to $6,000 per day. These limits help ensure security.
Deposited funds are typically available within one to five business days, depending on the type of deposit and when it's processed.

This device is too small

SoFi Checking and Savings Review: A High-Yield Combo With No Fees